Contracts
In Alaska, a 'survival clause' in a purchase agreement typically provides that:
AThe contract terminates if either party dies before closing
BCertain representations and warranties survive the closing and remain enforceable after the deed is delivered✓ Correct
CThe earnest money survives any dispute and is non-refundable
DThe broker's commission obligation survives cancellation of the contract
Explanation
A survival clause specifies that certain provisions — typically representations, warranties, and indemnification obligations — survive the closing and remain enforceable after the deed is delivered. Without a survival clause, the merger doctrine would extinguish these rights at closing.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
DeedA written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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